The Economic Contribution From Iron Ore Mining Industry

Economical: Strong Australian currency affects steel manufacturing export and import (Smith 2011) Job cuts and industry shuts due to weak domestic demand and downturn in the construction industry (ABC News 2011). Social: Changing in preference: the growing availability of alternative materials may replace steels such metallic glass (Vieru 2011). Skilled worker shortage in Australia (BusinessSpectator 2012) Technological: With the development of steel industry, new renewable resources are required due to nonrenewable resources will be less and less such as iron ore and carbon (Szargut, Ziebik & Stanek 2002) Environmental: Steel Industry has impacts on air quality due to the emissions, which may lead climate change. Environmental pollution requires steel business to reduce the emission in order to develop a clean energy future by advanced technology. Water saving issue. (Costello 2011) Legal: Changes in taxation regulation such as the federal government passed 30% tax on iron ore and coal mining profit (Scott 2012).

The world price of Australia 's mining exports has more than tripled over the previous decade, while investment spending by the mining segment expanded from 2% of GDP to 8%. This mining speaks to one of the biggest shocks to hit the Australian economy in generation. This paper endeavours to evaluate some of Australian economics’ effects to the mining industry, utilizing top-down analysis of the Australian economy. It will demonstrate the mining has significantly expanded Australian living standards.

Fortescue is an Australian Iron Ore company, which constructed its first mine in 2006. Today they have mines all across the Pilbara region, at Kings, Firetail, Cloudbreak, and Christmas Creek with a network of rail that connects to Herb Elliott Port, in Western Australia. Fortescue is the world’s fourth largest iron ore producer, with a workforce as at 30 June 2014 comprising of 4,553 direct employees, with contractors employing a further 10,125 people. Their vision is to be the, ‘safest, lowest cost iron ore producer’ (Fortescue 2014), with safety, empowerment, enthusiasm, determination along with frugality, idea generation and goal setting, go in par with profitable and sustainable growth being Fortescues main focus. The amount of Ore

Did you know that the mining of iron started over one and a half billion years ago? It started in Minnesota at a place now called called Masabi Iron Range. When it first started we didn't get a lot of it, but over the years we have made technology that can help us mine in better and faster. The mining of iron was very profitable, but it was also very dangerous, the mining shafts they worked in could collapse.

The Mining Act does a very good job at protecting certain aspects of the environment such as ensuring that over exploitation of minerals does not occur, or making it mandatory to have a plan in place for closing the mine as well as assuring that there is money to do so. Although there are many things that this Act does right, there are also areas in which there are issues and should be improved. One of the first issues pertaining to this Act is the impact that it fails to mitigate regarding water quality. In areas where mining development occurs, the water quality is drastically affected and a study found that “water from waste rock piles has an ionic profile distinct from unimpacted catchments” (Carey, Wellen, & Shatilla, 2015), meaning that in order to mitigate the impact of the runoff measures must be put in place to limit it. Secondly, the Act does not involve

This report had been prepared requested by the Board. The content of this report concentrated on evaluating the performance of Iron Ore Mining and providing a recommendation of any potential financial justified growth strategies for the next strategic planning horizon (3 years).

* Iron Ore Company of Ontario is working in the business field of processing iron ore.

“Should Australia continue to allow coal seams to be mined when the environmental impacts are unknown ?”

The mining industry can be considered a valuable asset to the American economy over the course of the nation’s history. Though the field is not necessarily as prevalent today as it once was, the technological advancements in the process of mining are vastly different from those originally implemented by miners decades ago. However, one strategy for successful mining has remained relevant not in its practice, but in its use as an analogy, particularly in reference to the education system today. The idea of the canary in the mine pit discusses the example of when miners would bring canaries with them into the pits in order to detect noxious fumes. When the canary would die in its cage, it meant the air quality was toxic and that the miners needed to get out. This notion is connected to the ideas of those in the field of education like Linda Darling-Hammond, who argue that, similar to the canary, a child who fails in a school is not to blame for the toxic environment in which they are attempting to carve out a future for themselves. In other words, the children are not failing the schools. Rather, the schools are failing the children. This idea thus entails that in efforts to fix the education system, the focus must be exerted on the schools and policies themselves, rather than assuming that a child from a “disadvantaged” socioeconomic background is destined for failure.

Minerals can affect society in many ways for example; Surface mining destroys vegetation across large areas, increasing erosion. Open-pit mining uses huge quantities of water. Acid mine drainage is pollution caused when dissolved toxic materials wash from mines into nearby lakes and streams. Minerals is approximately 80 percent of mined ore consists of impurities that become wastes after processing. These wastes, called tailings, are usually left in giant piles on the ground or in ponds near the processing plants (Figure 12.9). The tailings contain toxic materials such as cyanide, mercury, and sulfuric acid. Left

It is a long process to extract Iron to get it from an ore to its final product. In the beginning stages, an iron ore is heated along with limestone and pure carbon in a furnace that reaches temperatures ranging up to 1,500°C (2,700°F); this process helps remove oxygen from iron ore. The limestone is used to erase imperfectirons.

In Prime Minister O’Neil’s second address to the National Press Club of Australia in Canberra, he draws attention to the damage that can be caused to the environment, and the people who live there, when big companies do not exercise proper care. The Ok Tedi located in Papua New Guinea is often referred to as one of the worst man-made environmental disasters in the world, well known for its disposal of mine tailings into the local river system, which led to an international lawsuit and ultimately to the abandoning of the project. Australia-based BHP Billiton, is the world’s biggest mining company and in 2001, they sold its profitable Ok Tedi mine after having destroyed more than 2,400 acres of rainforest. (Perlez). The mine produces 20% of PNG’s GDP but it has also disrupted the traditional food system and the lives of more

In our days, mining for resources is inevitable. The resources we need are valuable in everyday life. Such resources mined up are coal, copper, gold, silver, and sand. However, mining poses environmental risks that can degrade the quality of soil and water, which can end up effecting us humans if not taken care of and many of the damages are irreversible once they have occurred.

There are lots of benefits that surround the mining sector. Not just the impact it would have on the economy, but other factors as well. An economic impact it has is that communities will receive revenue when mines are being established, this bring about a change and development in the local community. This is crucial especially in areas where they had little revenue coming, the mines will bring in a huge change in that environment.

The mining industry has seen an explosive growth from the past few decades. It has played an important role in economic growth, infrastructure development and a raise in the living standard of the whole world. According to the Australian National Accounting System, the mining sector has made contributions of 9.8% GDP growth to the Australian economy between 2008 to 2009 (Australia Bureau of Statistics, 2012). However, the mining industry has caused many environmental issues such as adverse effect to air, land and water quality and continues to affect global environment as a whole. According to the World Health Organization, it evaluated that 25% of worldwide death are directly associated with environmental pollution (Blacksmith Institute, n.d). This essay will outline the environmental issue raised by the mining industry with pinpoint focus on the effects to air, water and land. It will also provide strategies for mining companies to improve the environmental conditions.